创业板上市公司研发投入对成长性的影响研究—基于股权结构的调节作用

ZHANG Shuanxing ,FANG Xiaojun,LI jing

摘要:

以股权结构对公司治理的影响为起点,以创业板科技类上市公司2011-2015年的经验数据为样本,构建股权结构与研发投入的交互项,研究股权结构对研发投入与企业成长性关系的调节作用。实证结果表明：(1)第一大股东持股比例对研发投入与企业成长性具有负调节作用,“一股独大”问题严重阻碍企业创新研发成果转化；(2)前五大股东持股比例之和显著正向调节研发投入与企业成长性的关系(3)股权制衡对研发投入与成长性具有显著正向调节作用,大股东间的制衡显著改善公司治理机制,有利于研发投资决策及企业价值实现。

Abstract:

Starting from the ownership structure’s impact on the corporate governance, this paper selects empirical data of GEM listed companies from 2011-2015 as a sample to construct interaction terms of ownership structure and R D investment, and studies the moderating effects of ownership structure on the relationship between R D investment and firm growth. Empirical results show that: (1) The proportion of the largest shareholder has a negative moderating effect on R D investment and enterprise growth, and the "dominance" problem seriously hinders enterprise transformation of innovation and R D results; (2) The proportion of the top five shareholders has significantly positive effect on R D investment and enterprise growth; (3) the balance of ownership and control has a significantly positive effect on R D investment and growth, and the balance between large shareholders can evidently improve the corporate governance mechanism, which is conducive to the R D investment decision-making and enterprise value realization.